Standard Life has unveiled a 6% jump in first half profits in its final results before it merges with Aberdeen Asset Management.
The deal, designed to expand the range of funds the company offers and bulk up against large, low-cost rivals, is due to complete next week.
The results showed the strain of competition. Standard Life’s flagship GARS range of funds suffered net outflows of £5.6bn in the first half, more than offsetting inflows into the retail and institutional parts of the business.
The company had assets under administration of £362bn at the end of June, broadly flat on the same stage last year.
Operating profits rose 6% to £362m, slightly above analysts’ estimates.
The dividend was increased by 8% to 7p per share, broadly in line with city expectations.
Keith Skeoch, chief executive, said: “With the proposed merger with Aberdeen on track for completion on August 14 we are ready to accelerate the pace of strategic delivery as we open the next chapter of our transformation to a diversified world-class investment company.
“The combined leadership team of Standard Life and Aberdeen has been working well together to ensure “Day 1″ readiness.
“We are well placed to continue to meet changing client and customer needs globally, and to generate growing and sustainable returns for our shareholders.”
